President Bola Tinubu is scheduled to present the 2025 budget proposal to a joint session of the National Assembly on Tuesday, December 17, 2024. This announcement was made by Senate President Godswill Akpabio during a recent Senate session.
The proposed budget, amounting to ₦47.9 trillion, marks a significant increase from the previous year’s ₦35.5 trillion budget. This proposal follows the recent approval of the 2025–2027 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) by both the Senate and the House of Representatives.
Key economic assumptions outlined in the MTEF/FSP include:
Oil Price Benchmark: $75 per barrel
Daily Oil Production: 2.06 million barrels
Exchange Rate: ₦1,400 to $1
Gross Domestic Product (GDP) Growth Rate: 4.6%
The budget allocates ₦16.4 trillion to capital projects and ₦14.2 trillion to recurrent expenditures. Additionally, a borrowing plan of ₦9.22 trillion, encompassing both domestic and foreign sources, has been approved to finance the budget deficit.
This budget presentation is a crucial step in maintaining the January-December budget cycle, ensuring timely implementation of government programs and projects. The National Assembly’s prompt consideration and approval are essential for the effective execution of the proposed fiscal policies.
As President Tinubu prepares to present the budget, stakeholders and citizens alike anticipate detailed plans aimed at fostering economic growth, enhancing infrastructure, and improving the overall well-being of Nigerians.
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